Author Topic: Are these all the forms? MFJ w/ W2 & side income  (Read 1432 times)

NonprofitER

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Are these all the forms? MFJ w/ W2 & side income
« on: January 28, 2016, 12:00:56 PM »
Hi! Just making sure I'm organizing our filing correctly -
MFJ - with two W2 incomes and ~$20k of income from consultant side business (2015 was the first year for business - didn't do quarterly but will be in 2016).  I'm looking to file taxes myself and just trying to make sure I include all the forms we plan to utilize before I work through printed sheets/instructions before ultimately e-filing free.  Was planning to utilize:

1040
Schedule A
Schedule C (possibly using EZ version, not sure yet)
Edited to add schedule SE for self employment income
Form 8829 for home office use for side business (modest - 130sq ft and have been tracking related expenses)
Form 4562 for equipment used in side business that "came into use" for business during 2015 (computer, scanner, etc.)

Am I missing anything?  I've been tracking mileage, entertainment, office expenses (% of home costs re insurance, principal, repairs), supplies, etc. I've got receipts for everything and have been overly cautious since this is our first year claiming a home office and side business. I've been doing a DIY schedule C tracker which shows my adjusted income after expenses is closer to $15,000 for 2015.

Any forms I'm leaving out as I work through our taxes? 


We've paid a CPA in the past but were left unimpressed with his work last year. Have a great friend who is also a CPA who may do our taxes for us in future years if side business keeps growing, but wanted to learn how to do it myself this year. 

« Last Edit: January 28, 2016, 12:45:06 PM by NonprofitER »

seattlecyclone

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Re: All these all the forms? MFJ w/ W2 & side income
« Reply #1 on: January 28, 2016, 12:29:36 PM »
You'll need to file Schedule SE for your self-employment income.

It's hard to say what else you might need to file based on the information you provided. If you added to or withdrew from an HSA, you'll need to file Form 8889, if you sold taxable stock you'll need to file Schedule D, if you had much interest or dividend income you'll need to file Schedule B, etc.

NonprofitER

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Re: All these all the forms? MFJ w/ W2 & side income
« Reply #2 on: January 28, 2016, 12:44:05 PM »
You'll need to file Schedule SE for your self-employment income.

It's hard to say what else you might need to file based on the information you provided. If you added to or withdrew from an HSA, you'll need to file Form 8889, if you sold taxable stock you'll need to file Schedule D, if you had much interest or dividend income you'll need to file Schedule B, etc.

Yep got Schedule SE - forgot it in the post.
Thanks for the heads up on 8889 - that's applicable for us.
Will have a look at Schedule B as well - though we didn't earn much in 2015. :)

Sibley

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Re: Are these all the forms? MFJ w/ W2 & side income
« Reply #3 on: January 28, 2016, 07:17:23 PM »
Were you going to use the forms, or a software of some sort? Software would reduce the risk of you missing something, but I know some people prefer the paper.

NonprofitER

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Re: Are these all the forms? MFJ w/ W2 & side income
« Reply #4 on: January 29, 2016, 07:18:06 AM »
I am starting by printing out the paper forms and instructions - doing a run through myself with pencil, then e-filing myself online.
I was concerned some of the software programs wouldn't be as user friendly for SE income and related expenses. But I may resort to that if I get stuck.